Groover Labs member InfoFluency is launching a new Revenue Management Tool. We sat down with Alyssa McGuinn, managing director of business development at InfoFluency, to discuss the tool and the reasons they decided to build it.
Read the interview below:
InfoFluency is about to launch a new tool. Tell us about it!
We’re launching a Revenue Management Tool that gives business owners and executives a way to see their revenue drivers clearly, visibly, and aesthetically. We take your accounting data (like QuickBooks) and your CRM data (like HubSpot, Salesforce) and pull them into a dashboard to create views that provide a depth of data to help business owners and executives to make critical growth decisions.
Why would a business owner need a dashboard with revenue and CRM data? What will they see there that they don’t see looking at these tools separately?
They’ll get a new and revealing look at their revenue drivers. The accounting platform will tell you the raw numbers, but without combining the CRM data, you can’t analyze revenue in light of customer attributes.
With the Revenue Management Tool, you now have control over the data you want to see. If, for example, you’re not sure where your growth comes from, or your sales team is having a difficult time (read: unfocused) finding qualified leads, maybe the answers you’re looking for already exist in your data.
Maybe you need to find new customer segments or build new or ideal customer profiles. Our Revenue Management Tool will show you that. You already have the data. What matters next is what you do with it. Saying you collect data isn’t enough.
InfoFluency has a track record of data analytics for venture capital firms. Why did you decide to build a new type of revenue management tool?
We do have specialty reporting for investment firms, but we also have clients in many other industries. The Revenue Management Tool was born as a response to their request for revenue analytics. They wanted a way to connect their revenue with their revenue-producing clients. With that kind of information available to them, they felt they could make better decisions about where to spend their time or evaluate their exposure to risk.
We’re seeing our current customers use the data provided by the Revenue Management Tool to make important decisions about sales strategy, marketing audiences, time management for sales teams, market penetration, marketing ROI, new vertical penetrations, and more.
Did it surprise you that your current clients asked for a tool like this?
What surprised us, and surprises us still, is how companies fail to use their data to make decisions about how to grow their businesses, identify new opportunities, and assess threats. Everyone collects data. With today’s digital tools, data capture is easy - well, not easy, but easier. But just because you have the data doesn’t mean you use it to make business decisions.
We had a customer that deployed the Revenue Management Tool, and they discovered that they didn’t even know the name of one of their highest revenue-generating customers. So, they developed a strategy to grow that relationship. They increased their engagement and grew the account by 3x. Along the way, they revised their sales strategy to focus more on account-based selling.
Can you customize the dashboard?
The short answer is yes! The tool can be customized to meet specific needs the customer has.
Each business is different, and we want to find out what they need so we can help them create a useful and usable—usable being the operative word—dashboard.
Some common segmentations would be industry or product type. Maybe a client wants to know where their leads are coming from. Or, maybe by evaluating clients by revenue tier - how much revenue each client produces - our clients will have a better understanding of how much time to spend on specific accounts. Other useful attributes might include geography or even the size of a company by the number of its employees.
If we’re a mid-sized business owner, or an EVP or Sales, can we customize these attributes based on our needs?
Yes, absolutely. We want to be part of your business - we want to provide that personal touch. To do that, we need to connect. You can visit our website to get a general idea of what we offer. We have a place where there’s a demo so you can see and interact with the product to get a general idea.
There are plenty of tools out there to capture data. What makes InfoFluency’s Revenue Management Tool unique?
We’re marrying these two data streams to provide more meaningful analytics. It is the combination of the revenue data with customer data that makes this tool powerful and unique.
Can you give us an example?
Sure. Maybe you have two or three customers that are driving a high percentage of your revenue. It’s one thing to see this info on a spreadsheet; it’s something different when you see it graphically. The Revenue Management Tool gives you the unbiased truth through data. From there, you, as a business owner or decision maker, can set a strategy based on facts: cultivate your revenue drivers; find more of the same; diversify - the decision opportunities are endless.
Has InfoFluency used the new Revenue Management Tool?
Yes! We’re a small business and used it to look at our relationships. It provided us with some deep and important insights that have improved our business practices.
If I’m a business or executive interested in this tool, what’s the next step?
Visit our landing page and schedule a demo!